| Bullish Candlestick Patterns |  | | |
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This Pattern signals a :
Reversal
Reliability of this pattern:
High
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This Pattern signals a : Reveral
Reliability of this candlestick pattern: Moderate
How to Identify:
Five candles are involved in forming this pattern. On a daily chart, here's how it will unravel:- 1st day is a long bears day (black candle).
- 2nd day is also bears day but it opens with a gap below the first day.
- 3rd day & 4th days is also bears day but with small bodys and consecutive closes.
- The fifth day is a bulls day and closes in the gap between the 1st and the 2nd day.
Market Psychology:
This pattern usually occurs at the end of a bearish rally - the currency pair exhausts itself with a gap down and although the downward movement continues for the next three days - its slows down noticeably. The fifth day with its long white candle suggests a possible reversal in the making to atleast fill the overhead gap. Declining volume on the three middle days with a pickup in volume on the white day serves as confirmation.
The opposite of Bullish breakaway is Bearish Breakaway
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